Fortis to price 14.15% knock-in reverse convertibles linked to Monsanto

By Susanna Moon

Chicago, June 9 - Fortis Bank, Cayman Islands Branch plans to price 14.15% annualized knock-in reverse convertible securities due Dec. 30, 2008 linked to Monsanto Co. common stock, according to a term sheet.

Interest will be payable monthly.

If Monsanto stock falls to or below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of Monsanto shares equal to $1,000 divided by the initial share price.

Otherwise, the payout will be par.

The notes will price on June 25 and settle on June 30.

Fortis Securities LLC is the agent. JVB will be the distributor.

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